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Sly Ace:
"Anyway, I would never suggest that anybody invest based upon rumor, but if anybody out there is
holding way out of the money QCOM LEAPS (as I was), you might want to think of selling just until this passes; i.e., if the
rumor does turn out to be true, out of the money LEAPS might instantly become worthless depending upon how the deal is

Well, that didn't sound too good. Since I just bought a Jan 2002 leap. So, I looked it up and sure enough, from

When an underlying security is converted into a right to receive a fixed amount of cash, options on
that security will generally be adjusted to require the delivery upon exercise of a fixed amount of
cash, and trading in the options will ordinarily cease when the conversion becomes effective. As a result, after such an adjustment is made all options on that security that are not in the money will
become worthless and all that are in the money will have no time value. If the option is
European-style (as may be the case for a flexibly structured stock option designated as a
European-style option), the expiration date of the option will ordinarily be accelerated to fall on or shortly after the date on which the conversion of the underlying security to a right to receive cash
occurs. Holders of an in the money option whose expiration date is accelerated must be prepared to exercise that option prior to the accelerated exercise cut off time in order to prevent the option from expiring unexercised. Writers of European-style options whose expiration date is subject to being
accelerated bear the risk that, in the event of such an acceleration , they may be assigned an
exercise notice and be required to perform their obligations as writers prior to the original expiration date. When the expiration date of a European-style option is accelerated, no adjustment will be made to reflect the accelerated expiration date. There is no assurance that the exercise settlement date for an accelerated option will coincide with the date that the cash payment to the holders of the underlying security becomes available from the issuer of the underlying security. Covered writers of
an accelerated option may therefore be required to pay the cash amount in respect of the option before they receive the cash payment on the underlying security.

As a general rule, adjustments are not made for tender offers or exchange offers, whether by the
issuer or a third party, and whether for cash, securities (including issuer securities), or other property. This presents a risk for writers of put options, because a successful tender offer or
exchange offer (whether by the issuer or by a third party) may have a significant effect on the market value of the security that the put writers would be obligated to purchase if the put options are
exercised after the expiration of the offer.

As a general rule, adjustments will not be made to reflect changes in the capital structure of the
issuer where all of the underlying securities outstanding in the hands of the public (other than
dissenters' shares) are not changed into another security, cash or other property.

As a general rule, an adjustment that is made in an option will become effective on the ex-date
established by the primary market for trading in the underlying security.

So, basically, if it's an all-cash offer for less than $80 per share, I'm screwed. I can't imagine it would be for less than that, but it would have to be for atleast
$102 for me to get my money back, correct?

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